For the first time in history, gold prices soared to the $3,000 mark on Friday, fueled by rising demand for safe-haven assets as global investors reacted to economic uncertainties. Concerns over former U.S. President Donald Trump’s trade tariffs and escalating geopolitical tensions played a significant role in this surge.
Gold briefly peaked at a record $3,005 per ounce before retracting slightly to trade just below $3,000.
Jason Hollands, Managing Director at UK-based wealth management firm Evelyn Partners, referred to gold as “the preferred panic asset.” He noted that the recent price hike reflects the intense uncertainty surrounding international trade, particularly due to the unpredictable and aggressive tariff policies of the Trump administration and subsequent retaliatory actions.